thecoinrepublic.com
- Cryptocurrency lender Vauld has rejected the proposal by the Nexo and looking to terminate the current relationship
- Technical indicators of NEXO are not favoring the upside. NEXO/BTC pair is up by 4.89%’.
NEXO is one of the largest blockchain lender which offers users instant cryptocurrency loans.As per their whitepaper they are the first ever provider of instant crypto backed loans and they intend to solve the inefficiencies in the current lending market. Nexo has showed interest in acquiring the crypto lender Vauld which owed $420 Million to their creditors. Vauld has recently rejected the proposal of the NEXO about the acquisition. Meanwhile they have also said that they will be terminating their relationship with them. NEXO has seen a drop of over 85% and may see a strong upside trend in price. It has a ROI of more than 600% and can soon see a strong move.
NEXO is currently ranked 74th in the cryptoverse and has a market cap of $408 Million. Volume of the asset price has seen a drop of more than 20% in intraday session. Volume to market cap ratio of the asset price suggests a strong upside trend in price.
Are Bears Of NEXO Ready To Push The Price Down?
The weekly technical chart of the NEXO suggests an upside trend in price. On coming to the daily chart it is currently trading near $0.729 with a drop of more than 0.74%. It is currently observing a consolidated trend. Resistance of NEXO can be seen near $1.Meanwhile the downside trend of the asset price can be seen near $0.5. It is currently trading below the 100 and 50 DMA. If it sees a positive crossover then a strong upside momentum can be seen.
MACD of the NEXO suggests an upside trend in price. Bars of the NEXO are forming green bars. The overall sentiment of the MACD suggests an upside momentum.
Conclusion
Vauld has recently rejected the proposal of NEXO regarding the acquisition. NEXO price is currently seeing a consolidated trend and can see an upside trend in the future.
Technical Levels
Major Support:$0.5
Major Resistance:$1.2